[B]DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At [/B]
28 Jan 2013 00:44GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.5789
55 HR EMA
1.5803
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Consolidation with a neutral bias
Resistance
1.5892 - Wed’s high
1.5852 - Last Thur’s high
1.5827 - Last Fri’s low
Support
1.5755 - Last Fri’s low
1.5702 - 1.236 ext. of 1.6380-1.5992 fm 1.6182
1.5672 - 61.8% r of 1.5234-1.6380
GBP/USD - 1.5762… It may be inconceivable to imagine eur/usd could climb to a fresh 10-month peak on Fri whilst cable weakened to a 5-month low at 1.5745 on the same day. Well, a rocket scientist may not be able to figure out the reason for this phenonmenon but fx traders can by continuing buying eur/gbp cross!
Sterling’s breach of key daily sup at 1.5828 last Mon confirms our recent bearish view MT erratic rise fm 2012 trough at 1.5234 (Jan) has ended earlier at 1.6380 n with the daily technical indicators pointing ‘hard down’, price is en route to 1.5672 after initial consolidation, this is the ‘dynamic’ 61.8% r of aforesaid MT rise fm 1.5234. Having said that, as daily oscillators’ readings are in oversold territory (13 day rsi is 30), further steep fall is unlikely to be seen n reckon 1.5554, being 1.618 ext. of 1.6380-1.5992 fm 1.6182, wud remain intact n risk has increased for a correction to take place. On the upside, only a daily close abv 1.5893 res signals temp. low is made n yields gain twd 1.5992.
Today, despite intra-day cross-inspired fall to 1.5757 (NZ), ‘loss of momentum’ shud limit weakness to 1.5722 whilst abv 1.5795 yields 1.5822/57.
.png)